Financial regulation

Global Anti-Money Laundering Software Market 2020-2024 | Increased Need for Risk Management to Boost Market Growth | Technavio

Retrieved on: 
Friday, March 20, 2020
Software, Technology, Professional services, Finance, Crime, Financial regulation, Money laundering, Tax evasion, Terrorism, Anti-money laundering software, AML, Business law, Articles, Surveillance, Physical security information management

The anti-money laundering (AML) software market is expected to grow by USD 1.18 billion during 2020-2024, according to the latest market research report by Technavio.

Key Points: 
  • The anti-money laundering (AML) software market is expected to grow by USD 1.18 billion during 2020-2024, according to the latest market research report by Technavio.
  • Such features of AML and increasing need for risk management are expected to drive the growth of the market during the forecast period.
  • This market research report segments the anti-money laundering software market by deployment (on-premise and cloud-based), and geography (APAC, Europe, MEA, North America and South America).
  • The North American region led the anti-money laundering software market in 2019, followed by Europe, APAC, MEA and South America.

GreenSky, Inc. Provides Business Update in Light of COVID-19

Retrieved on: 
Friday, March 20, 2020
Professional services, Data management, Technology, Mobile, Wireless, Finance, Banking, Financial markets, GreenSky, Companies, Professional services, Data management, Technology, Mobile, Wireless, Finance, Banking, Economy, Financial markets, Finance, Money, Financial regulation, Systemic risk, European Union, Markets in Financial Instruments Directive, Esma, European Securities and Markets Authority, GreenSky, FIRDS

In addition, I remain gratified by GreenSkys strong financial position and significant excess liquidity, added Zalik.

Key Points: 
  • In addition, I remain gratified by GreenSkys strong financial position and significant excess liquidity, added Zalik.
  • GreenSky enjoyed material growth in January and February 2020, generating $905 million of transaction volume, up 16% over the comparable 2019 two-month period.
  • March 2020 month-to-date transaction volume, through yesterday, March 18, 2020, exceeded $289 million, up 14% over the comparable 2019 month to date period.
  • The Company undertakes no obligation to update or review the information set forth in this press release.

Canadian securities regulators warn public of coronavirus-related investment scams

Retrieved on: 
Thursday, March 19, 2020
Stock market, Finance, Economy, Money, Spamming, Financial regulation, Pump and dump, Investor, Security

Fraudsters take advantage of global events and breaking news to lure potential investors with the expectations of significant returns.

Key Points: 
  • Fraudsters take advantage of global events and breaking news to lure potential investors with the expectations of significant returns.
  • A common way they do this is through pump-and-dump schemes involving publicly traded small "shell" companies.
  • When investing in any company, carefully research the investment and keep in mind that fraudsters often exploit the latest crisis.
  • The CSA, the council of the securities regulators of Canada's provinces and territories, co- ordinates and harmonizes regulation for the Canadian capital markets.

Financial Leadership & Stability During Global Uncertainty

Retrieved on: 
Thursday, March 19, 2020
Financial law, Financial regulation, Toronto, International finance institutions, Systemic risk, Economy, International Association of Insurance Supervisors

TORONTO, March 19, 2020 (GLOBE NEWSWIRE) -- Toronto Centre is committed to supporting financial sector regulators and supervisors during this time of global and financial uncertainty.

Key Points: 
  • TORONTO, March 19, 2020 (GLOBE NEWSWIRE) -- Toronto Centre is committed to supporting financial sector regulators and supervisors during this time of global and financial uncertainty.
  • Through the launch of our TC Webcast Series on Pandemic & Financial Stability, Toronto Centre led the discussion to provide direction and guidance for supervisors and regulators when working towards reestablishing financial stability in their jurisdiction.
  • Supervisors and regulators serve a vital role in promoting and establishing financial stability worldwide and Toronto Centre is committed to taking a leadership role in providing support and guidance in this time of global uncertainty.
  • Register here: https://zoom.us/webinar/register/WN_kCtrX5lsQkOkvuv8hG0ueA
    Established in 1998, Toronto Centre for Global Leadership in Financial Supervision (Toronto Centre) is an independent not-for-profit organization that promotes financial stability and access to financial services globally.

ESMA sets out approach to SFTR implementation

Retrieved on: 
Thursday, March 19, 2020
Given names, Esma, European Union, Corporate law, Financial regulation

This approach is needed in response to the effect of current adverse developments events as a result of the COVID-19 pandemic.

Key Points: 
  • This approach is needed in response to the effect of current adverse developments events as a result of the COVID-19 pandemic.
  • ESMA expects competent authorities not to prioritise their supervisory actions towards entities subject to Securities Finance Transactions (SFT) reporting obligations as of 13 April 2020 and until 13 July 2020.
  • ESMA also expects TRs to be registered sufficiently ahead of the next phase of the reporting regime, i.e.
  • ESMA continues monitoring closely the implementation by the relevant market participants as well as the impact of the relevant measures taken with regards to COVID-19 to ensure alignment of SFT reporting requirements and supervisory practices in the EU.

REPORT on discharge in respect of the implementation of the budget of the European Insurance and Occupational Pensions Authority for the financial year 2018 - A9-0042/2020

Retrieved on: 
Wednesday, March 18, 2020
Organizations, Europe, Eurozone, Agencies of the European Union, European Union, European Insurance and Occupational Pensions Authority, Insurance regulation, European Atomic Energy Community, European Union law, Financial regulation, European System of Financial Supervision, European Banking Authority

on discharge in respect of the implementation of the budget of the European Insurance and Occupational Pensions Authority for the financial year 2018 (2019/2091(DEC)) The European Parliament, having regard to the final annual accounts of the European Insurance and Occupational Pensions Authority for the financial year 2018, having regard to the Court of Auditors annual report on EU agencies for the financial year 2018, together with the agencies replies[1], having regard to the statement of assurance[2] as to the reliability of the accounts and the legality and regularity of the underlying transactions provided by the Court of Auditors for the financial year 2018, pursuant to Article 287 of the Treaty on the Functioning of the European Union, having regard to the Councils recommendation of 18 February 2020 on discharge to be given to the Autority in respect of the implementation of the budget for the financial year 2018 (005761/2020 C90058/2020), having regard to Article 319 of the Treaty on the Functioning of the European Union, having regard to Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002[3], and in particular Article 208 thereof, having regard to Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012[4], and in particular Article 70 thereof, having regard to Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC[5], and in particular Article 64 thereof, having regard to Commission Delegated Regulation (EU) No 1271/2013 of 30September 2013 on the framework financial regulation for the bodies referred to in Article 208 of Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council[6], and in particular Article 108 thereof, having regard to Commission Delegated Regulation (EU) 2019/715 of 18December 2018 on the framework financial regulation for the bodies set up under the TFEU and Euratom Treaty and referred to in Article70 of Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council[7], and in particular Article105 thereof, having regard to Rule 100 of and Annex V to its Rules of Procedure, having regard to the opinion of the Committee on Economic and Monetary Affairs, having regard to the report of the Committee on Budgetary Control (A9-0042/2020), 1.Grants the Executive Director of the European Insurance and Occupational Pensions Authority discharge in respect of the implementation of the Autoritys budget for the financial year 2018; 2.Sets out its observations in the resolution below; 3.Instructs its President to forward this decision, and the resolution forming an integral part of it, to the Executive Director of the European Insurance and Occupational Pensions Authority, the Council, the Commission and the Court of Auditors, and to arrange for their publication in the Official Journal of the European Union (L series).

Key Points: 
  • on discharge in respect of the implementation of the budget of the European Insurance and Occupational Pensions Authority for the financial year 2018 (2019/2091(DEC)) The European Parliament, having regard to the final annual accounts of the European Insurance and Occupational Pensions Authority for the financial year 2018, having regard to the Court of Auditors annual report on EU agencies for the financial year 2018, together with the agencies replies[1], having regard to the statement of assurance[2] as to the reliability of the accounts and the legality and regularity of the underlying transactions provided by the Court of Auditors for the financial year 2018, pursuant to Article 287 of the Treaty on the Functioning of the European Union, having regard to the Councils recommendation of 18 February 2020 on discharge to be given to the Autority in respect of the implementation of the budget for the financial year 2018 (005761/2020 C90058/2020), having regard to Article 319 of the Treaty on the Functioning of the European Union, having regard to Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002[3], and in particular Article 208 thereof, having regard to Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012[4], and in particular Article 70 thereof, having regard to Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC[5], and in particular Article 64 thereof, having regard to Commission Delegated Regulation (EU) No 1271/2013 of 30September 2013 on the framework financial regulation for the bodies referred to in Article 208 of Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council[6], and in particular Article 108 thereof, having regard to Commission Delegated Regulation (EU) 2019/715 of 18December 2018 on the framework financial regulation for the bodies set up under the TFEU and Euratom Treaty and referred to in Article70 of Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council[7], and in particular Article105 thereof, having regard to Rule 100 of and Annex V to its Rules of Procedure, having regard to the opinion of the Committee on Economic and Monetary Affairs, having regard to the report of the Committee on Budgetary Control (A9-0042/2020), 1.Grants the Executive Director of the European Insurance and Occupational Pensions Authority discharge in respect of the implementation of the Autoritys budget for the financial year 2018; 2.Sets out its observations in the resolution below; 3.Instructs its President to forward this decision, and the resolution forming an integral part of it, to the Executive Director of the European Insurance and Occupational Pensions Authority, the Council, the Commission and the Court of Auditors, and to arrange for their publication in the Official Journal of the European Union (L series).
  • on the closure of the accounts of the European Insurance and Occupational Pensions Authority for the financial year 2018 (2019/2091(DEC)) The European Parliament, having regard to the final annual accounts of the European Insurance and Occupational Pensions Authority for the financial year 2018, having regard to the Court of Auditors annual report on EU agencies for the financial year 2018, together with the agencies replies[8], having regard to the statement of assurance[9] as to the reliability of the accounts and the legality and regularity of the underlying transactions provided by the Court of Auditors for the financial year 2018, pursuant to Article 287 of the Treaty on the Functioning of the European Union, having regard to the Councils recommendation of 18 February 2020 on discharge to be given to the Autority in respect of the implementation of the budget for the financial year 2018 (05761/2020 C90058/2020), having regard to Article 319 of the Treaty on the Functioning of the European Union, having regard to Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002[10], and in particular Article 208 thereof, having regard to Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012[11], and in particular Article 70 thereof, having regard to Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC[12], and in particular Article 64 thereof, having regard to Commission Delegated Regulation (EU) No 1271/2013 of 30September 2013 on the framework financial regulation for the bodies referred to in Article 208 of Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council[13], and in particular Article 108 thereof, having regard to Commission Delegated Regulation (EU) 2019/715 of 18December 2018 on the framework financial regulation for the bodies set up under the TFEU and Euratom Treaty and referred to in Article70 of Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council[14], and in particular Article105 thereof, having regard to Rule 100 of and Annex V to its Rules of Procedure, having regard to the opinion of the Committee on Economic and Monetary Affairs, having regard to the report of the Committee on Budgetary Control (A9-0042/2020), 1.Approves the closure of the accounts of the European Insurance and Occupational Pensions Authority for the financial year 2018; 2.Instructs its President to forward this decision to the Executive Director of the European Insurance and Occupational Pensions Authority, the Council, the Commission and the Court of Auditors, and to arrange for its publication in the Official Journal of the European Union (L series).
  • with observations forming an integral part of the decision on discharge in respect of the implementation of the budget of the European Insurance and Occupational Pensions Authority for the financial year 2018 (2019/2091(DEC)) The European Parliament, having regard to its decision on discharge in respect of the implementation of the budget of the European Insurance and Occupational Pensions Authority for the financial year 2018, having regard to Rule 100 of and Annex V to its Rules of Procedure, having regard to the opinion of the Committee on Economic and Monetary Affairs, having regard to the report of the Committee on Budgetary Control (A9-0042/2020), A.whereas, according to its statement of revenue and expenditure[15], the final budget of the European Insurance and Occupational Pensions Authority (the 'Authority) for the financial year 2018 was EUR 25 207 008, representing an increase of 5,03 % compared to 2017; whereas the Authority is financed by a contribution from the Union (EUR9365000, representing 37,15 %) and contributions from national supervisory authorities from the Member States (EUR 15 742 008, representing 62,45 %)[16]; B.whereas the Court of Auditors (the Court), in its report on the annual accounts of the European Insurance and Occupational Pensions Authority for the financial year 2018 (the Court's report), states that it has obtained reasonable assurances that the Authoritys annual accounts are reliable and that the underlying transactions are legal and regular; Budget and financial management 1.Notes with satisfaction that budget monitoring efforts during the financial year 2018 resulted in a budget implementation rate of 100 %, representing an increase of 0,21 % compared to 2017; notes furthermore that the payment appropriations execution rate was 85,48 %, representing a decrease of 2,61 % compared to 2017; 2.Notes that the Authoritys workload is constantly evolving and includes both regulatory tasks and the enforcement and application of Union law; Performance 3.Notes that each of the Authoritys three operationally focused strategic objectives have key performance indicators (KPIs) assessing the added value provided by its activities and the improvement of its budget management, in addition to other indicators used internally; 4.Notes that the Authority achieved its target for eleven KPIs; acknowledges that it was close to achieving the target for the remaining two KPIs, which were missed only marginally; 5.Notes that the majority of the Authoritys planned work (218 products and services) was delivered successfully and that 25 products and services experienced minor delays due to insufficient resources, but also to changes in requirements and priorities; further notes that only three work streams were not delivered as planned or with a tolerable delay; 6.Notes that the Authority is replacing its current e-human resources management system with Sysper, which is provided by the Commission; notes with concern the delay in the implementation of Sysper 2; calls on the Authority to report to the discharge authority on developments in that regard; 7.Notes with satisfaction that the Authority is proactive in identifying opportunities for efficiency and synergies with other agencies, in particular with the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA), through the European Supervisory Authorities Joint Committee and through joint procurements; welcomes the Authoritys priority to develop common guidance in cooperation with EBA and ESMA on how to integrate anti-money laundering and terrorist financing risks in prudential supervision; strongly encourages the Authority to actively seek further and broader cooperation with all Union agencies; moreover calls on the Authority to explore possible ways of merging its non-expert services, such as ICT, with other Union agencies; 8.Emphasises that the Authoritys role in promoting a common supervisory regime across the European financial system is essential in order to ensure financial stability, a better integrated, more efficient and safer financial market, as well as a high degree of consumer protection in the Union by promoting fairness and transparency on the product and financial services market; 9.Underlinesthe central role of the Authority in contributing to high quality common regulatory and supervisory standards and practices, to the consistent application of legally binding Union acts, to stimulate and facilitate the delegation of tasks and responsibilities among competent authorities, to monitor and access market developments within the scope of its competence and to foster the protection of policy holders, pension scheme members and beneficiaries; 10.Emphasises the needfor closer supervision in certain Member States withaviewto addressing vulnerabilities in the insurance markets of those Member States and protecting consumers from unfair practices of multinational insurance companies; 11.Stresses that, while making sure that all assignments are carried out in full and within deadline, the Authority should adhere to and make full use of the tasks and the mandate assigned to it by Parliament and the Council and that the Authority must never attempt to go beyond its mandate; points out that focussing on the mandate assigned by Parliament and the Council will lead to a more effective and efficient use of resources; 12.Shares the Courts concern that, through peer reviews, national supervisors have a decisive say in the Authoritys main governing body, which means that they are in a position to decide the scope of the Authoritys action to review their own effectiveness; Staff policy 13.Notes that, on 31 December 2018, the establishment plan was 95,54 % executed, with 107 temporary agents appointed out of 112 temporary agents authorised under the Union budget (compared with 101 authorised posts in 2017); notes that, in addition, 33 contract agents and 18 seconded national experts worked for the Authority in 2018; 14.Regrets the unbalanced participation of men (6 members) and women (1 member) in the management board; notes that the Authority has reported a relatively good gender balance for 2018 with regard to senior managers (5 men and 3 women); 15.Notes that the Court considers that the Authority has not yet accomplished the shift from regulatory to supervisory tasks and that the Authority should strengthen human resources assigned to supervisory tasks; Procurement 16.Notes with concern that the Authority applied award criteria that consisted of non-competitive price elements for one procurement procedure; calls on the Authority to use award criteria that focus on competitive price elements; Prevention and management of conflicts of interest and transparency 17.Acknowledges the measures the Authority already has in place and its ongoing efforts to secure transparency, to prevent and manage conflicts of interests, and to protect whistleblowers; notes the fact that the Authority publishes on its website a register of meetings with external stakeholders; 18.Underlines the importance of an open, efficient and independent administration for all Union agencies and the Union as a whole; recalls the problem of conflict of interest arising from revolving door situations and stresses the need for a unified legal framework to address such issues; Internal Controls 19.Notes that the Commissions Internal Audit Service issued an audit report on Stress Tests in EIOPA, which led to five recommendations for improvement and the implementation of an action plan; 20.Notes that in 2018, the Authority used 29 interim workers through contracts with temporary work agencies; recalls that, according to Directive 2008/104/EC[17], those workers should work under the same working conditions as workers employed directly by the Authority; notes with concern that the contracts did not require the temporary work agencies to respect those working conditions, causing litigation and reputational risks; calls on the Authority to analyse the working conditions of its interim workers and ensure they are in line with Union and national labour law; Other comments 21.Notes that a future decrease in the Authoritys revenue is possible as a result of the United Kingdoms withdrawal from the Union; notes that the Authority issued two opinions to insurers and national supervisory authorities on steps to take to avoid service interruptions and to minimise risk; 22.Underlines the responsibility of the financial system in meeting sustainability challenges and ensuring that the Union meets the obligations undertaken in the framework of the Paris Agreement under the United Nations Framework Convention on Climate Change; highlights the crucial role of the Authority in integrating environmental, social and governance related factors into the regulatory and supervisory framework and in mobilising and guiding private capital flows towards sustainable investments; therefore stresses the need for sufficient resources to monitor the implementation of that framework by financial institutions and national competent authorities; 23.Calls upon the Authority to focus on disseminating the results of its research to the public, and to reach out to the public via social media and other media outlets; o o o

REPORT on discharge in respect of the implementation of the budget of the European Banking Authority for the financial year 2018 - A9-0060/2020

Retrieved on: 
Wednesday, March 18, 2020
European Union, Organizations, Agencies of the European Union, Eurozone, European Insurance and Occupational Pensions Authority, Insurance regulation, European System of Financial Supervision, European Securities and Markets Authority, European Atomic Energy Community, Money laundering, Financial regulation, European Union law

on discharge in respect of the implementation of the budget of the European Banking Authority for the financial year 2018 The European Parliament, having regard to the final annual accounts of the European Banking Authority for the financial year 2018, having regard to the Court of Auditors annual report on EU agencies for the financial year 2018, together with the agencies replies[1], having regard to the statement of assurance[2] as to the reliability of the accounts and the legality and regularity of the underlying transactions provided by the Court of Auditors for the financial year 2018, pursuant to Article 287 of the Treaty on the Functioning of the European Union, having regard to the Councils recommendation of 18 February 2020 on discharge to be given to the Authority in respect of the implementation of the budget for the financial year 2018 (05761/2020 C90057/2020), having regard to Article 319 of the Treaty on the Functioning of the European Union, having regard to Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002[3], and in particular Article 208 thereof, having regard to Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012[4], and in particular Article 70 thereof, having regard to Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC[5], and in particular Article 64 thereof, having regard to Commission Delegated Regulation (EU) No 1271/2013 of 30September 2013 on the framework financial regulation for the bodies referred to in Article 208 of Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council[6], and in particular Article 108 thereof, having regard to Commission Delegated Regulation (EU) 2019/715 of 18December 2018 on the framework financial regulation for the bodies set up under the TFEU and Euratom Treaty and referred to in Article70 of Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council[7], and in particular Article105 thereof, having regard to Rule 100 of and Annex V to its Rules of Procedure, having regard to the opinion of the Committee on Economic and Monetary Affairs, having regard to the report of the Committee on Budgetary Control (A9-0060/2020), 1.Grants the Executive Director of the European Banking Authority discharge in respect of the implementation of the Authoritys budget for the financial year 2018; 2.Sets out its observations in the resolution below; 3.Instructs its President to forward this decision, and the resolution forming an integral part of it, to the Executive Director of the European Banking Authority, the Council, the Commission and the Court of Auditors, and to arrange for their publication in the Official Journal of the European Union (L series).

Key Points: 
  • on discharge in respect of the implementation of the budget of the European Banking Authority for the financial year 2018 The European Parliament, having regard to the final annual accounts of the European Banking Authority for the financial year 2018, having regard to the Court of Auditors annual report on EU agencies for the financial year 2018, together with the agencies replies[1], having regard to the statement of assurance[2] as to the reliability of the accounts and the legality and regularity of the underlying transactions provided by the Court of Auditors for the financial year 2018, pursuant to Article 287 of the Treaty on the Functioning of the European Union, having regard to the Councils recommendation of 18 February 2020 on discharge to be given to the Authority in respect of the implementation of the budget for the financial year 2018 (05761/2020 C90057/2020), having regard to Article 319 of the Treaty on the Functioning of the European Union, having regard to Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002[3], and in particular Article 208 thereof, having regard to Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012[4], and in particular Article 70 thereof, having regard to Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC[5], and in particular Article 64 thereof, having regard to Commission Delegated Regulation (EU) No 1271/2013 of 30September 2013 on the framework financial regulation for the bodies referred to in Article 208 of Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council[6], and in particular Article 108 thereof, having regard to Commission Delegated Regulation (EU) 2019/715 of 18December 2018 on the framework financial regulation for the bodies set up under the TFEU and Euratom Treaty and referred to in Article70 of Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council[7], and in particular Article105 thereof, having regard to Rule 100 of and Annex V to its Rules of Procedure, having regard to the opinion of the Committee on Economic and Monetary Affairs, having regard to the report of the Committee on Budgetary Control (A9-0060/2020), 1.Grants the Executive Director of the European Banking Authority discharge in respect of the implementation of the Authoritys budget for the financial year 2018; 2.Sets out its observations in the resolution below; 3.Instructs its President to forward this decision, and the resolution forming an integral part of it, to the Executive Director of the European Banking Authority, the Council, the Commission and the Court of Auditors, and to arrange for their publication in the Official Journal of the European Union (L series).
  • on the closure of the accounts of the European Banking Authority for the financial year 2018 The European Parliament, having regard to the final annual accounts of the European Banking Authority for the financial year 2018, having regard to the Court of Auditors annual report on EU agencies for the financial year 2018, together with the agencies replies[8], having regard to the statement of assurance[9] as to the reliability of the accounts and the legality and regularity of the underlying transactions provided by the Court of Auditors for the financial year 2018, pursuant to Article 287 of the Treaty on the Functioning of the European Union, having regard to the Councils recommendation of 18 February 2020 on discharge to be given to the Authority in respect of the implementation of the budget for the financial year 2018 (05761/2020 C90057/2020), having regard to Article 319 of the Treaty on the Functioning of the European Union, having regard to Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002[10], and in particular Article 208 thereof, having regard to Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012[11], and in particular Article 70 thereof, having regard to Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC[12], and in particular Article 64 thereof, having regard to Commission Delegated Regulation (EU) No 1271/2013 of 30September 2013 on the framework financial regulation for the bodies referred to in Article 208 of Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council[13], and in particular Article 108 thereof, having regard to Commission Delegated Regulation (EU) 2019/715 of 18December 2018 on the framework financial regulation for the bodies set up under the TFEU and Euratom Treaty and referred to in Article70 of Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council[14], and in particular Article105 thereof, having regard to Rule 100 of and Annex V to its Rules of Procedure, having regard to the opinion of the Committee on Economic and Monetary Affairs, having regard to the report of the Committee on Budgetary Control (A9-0060/2020), 1.Approves the closure of the accounts of the European Banking Authority for the financial year 2018; 2.Instructs its President to forward this decision to the Executive Director of the European Banking Authority, the Council, the Commission and the Court of Auditors, and to arrange for its publication in the Official Journal of the European Union (L series).
  • with observations forming an integral part of the decision on discharge in respect of the implementation of the budget of the European Banking Authority for the financial year 2018 (2019/2090(DEC)) The European Parliament, having regard to its decision on discharge in respect of the implementation of the budget of the European Banking Authority for the financial year 2018, having regard to itsresolution of 16 January 2020 on institutions and bodies of the Economic and Monetary Union: preventing post-public employment conflicts of interest[15], having regard to Rule 100 of and Annex V to its Rules of Procedure, having regard to the opinion of the Committee on Economic and Monetary Affairs, having regard to the report of the Committee on Budgetary Control (A9-0060/2020), A.whereas, according to its statement of revenue and expenditure[16], the final budget of the European Banking Authority (the Authority) for the financial year 2018 was EUR42584409, representing an increase of 10,84 % compared to 2017; whereas the increase was related to the relocation process of the Authority to Paris; whereas the Authority is financed by a contribution from the Union (EUR16142578, representing 37,91 %), and contributions from national supervisory authorities of the Member States and observers (EUR26 441 831, representing 62,09 %)[17]; B.whereas the Court of Auditors (the Court), in its report on the annual accounts of the European Banking Authority for the financial year 2018 (the Courts report), states that it has obtained reasonable assurances that the Authoritys annual accounts are reliable and that the underlying transactions are legal and regular; Budget and financial management 1.Notes with satisfaction that the budget monitoring efforts during the financial year 2018 resulted in a budget implementation rate of 99,85 %, representing an increase of 3,94 % compared to 2017; notes that the rate of execution of payment appropriations was 88,23 %, representing a slight increase of 0,96 % compared to the previous year; Performance 2.Notes that the Authority uses fourteen key performance indicators to assess, to the extent that results are within the control of the Authority, the results of its activities, and to improve its budget management; 3.Notes with satisfaction that the Authority delivered the bulk of its regulatory products in line with its work programme and achieved all the targets stated in the applications of the Authoritys service level agreements; 4.Welcomes the fact that the Authority shares practices, initiatives and templates with the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority, with which the Authority holds regular meetings; strongly encourages the Authority to actively seek further and broader cooperation with allUnion agencies; 5.Recalls the Authoritys new role, tasks and resources in the fight against money laundering and terrorist financing; believes that the effective performance of that role and those tasks depends on the support of the Board of Supervisors; regrets in that context the rejection of a proposal to investigate the Danske Bank money-laundering case; 6.Recalls that the Authority has to date not opened an inquiry into dividend arbitrage trading schemes such as cum-ex or cum-cum as called for by Parliament; encourages the Authority to inquire, together with ESMA, into dividend arbitrage schemes in order to stop ongoing and prevent future practices that threaten the integrity of Union financial markets; 7.Regrets that cooperation between the Authority and ESMA for the preparation of a joint procurement procedure for the renting of office space in Paris was stopped and that the Authority and ESMA carried out separate procurement procedures, not only for office space but also for other related services; calls on the Authority to report to the discharge authority on the reasons behind that missed opportunity for economies of scale and efficiency gains; urges the Authority to considerthe idea of joint procurement procedures and the sharing of resources on overlapping tasks among other agencies with similar activities or situated in the proximity of the Authority's headquarters; 8.Calls upon the Authority to improve and intensify its communication with Member States; urges the Authority to improve and intensify its cooperation with Member States and Member States' national banks and commercial banking bodies; stresses the importance of such smooth collaborationto the Authority's goal of creating a single banking rulebook; 9.Emphasises that the Authoritys role in promoting a common supervisory regime across the European financial system is essential in order to ensure financial stability, a better integrated, more efficient and safer financial market, as well as a high degree of consumer protection in the Union by promoting fairness and transparency on the product and financial services market; 10.Recalls the importance of supervising the financial sector, which is a necessary and truly effective instrument in combating tax fraud and money laundering; 11.Notes that the Authority will see its role, powers and resources in the field of anti-money laundering and combating the financing ofterrorism(AML/CFT) reinforced in the context of the new legislative proposals on which political agreement was reached in March 2019[18]; stresses that the Authority should take a leading role in the prevention of money laundering, taking advantage of the new competences and the creation of a new internal AML/CFT committee, and should therefore be provided with increased capacity in human and material resources to contribute effectively to the consistent and efficient prevention of the use of the financial system for the purposes of money laundering and the financing of terrorism; 12.Underlines that the Authority, when carrying out its activities, needs to pay particular attention to ensuring compatibility with Union law, to respecting the principle of proportionality and to complying with the fundamental principles of the internal market; 13.Urges the Authority to deliver its proposals for reducing the supervisory reporting burden for small and non-complex institutions within the timeframe set by Parliament and the Council in order to achieve more proportionality[19]; asks the Authority to ensure the consistent use of definitions in all regulatory and non-regulatory documents[20]; 14.Notes that the Authoritys workload is constantly evolving and includes both regulatory tasks and the enforcement and application of Union law; notes thatin order to facilitate that evolution, budgetary and personnel resources have been reallocated internally; stresses that the Authority must never attempt to go beyond its mandate; points out that focussing on the mandate assigned by Parliament and the Council will lead to a more effective and efficient use of resources; 15.Requests that the Authorityconduct an inquiry into dividend arbitrage trading schemes such as cum-ex in order to assess potential threats to the integrity of financial markets and to national budgets,to establish the nature and magnitude of actors insuch schemes, to assess whether there were breaches of either Union or national law, to assess the actions taken by financial supervisors in Member States, and to make appropriate recommendations for reform and for action to the competent authorities concerned; Staff policy 16.Notes that, on 31 December 2018, the establishment plan was 97,93 % executed, with 145 temporary agents authorised under the Union budget (compared with 134 authorised posts in 2017); notes that, in addition, 42 contract agents and 16 seconded national experts worked for the Authority in 2018; 17.Notes that the Authority publishes vacancy notices on its website and on the website of the European Personnel Selection Office and through other related channels in order to increase publicity; 18.Notes with concern that in 2018, according to the Courts report, the Authority, in addition to its own staff, used 42 interim workers of which 27 were for IT-related functions, with only 13 of the Authoritys own staff working in IT, causing a critical dependency on the interim agency in an area that is key for the Authoritys operations; urges the Authority to address that considerable risk to business continuity with Parliament and the Council when discussing allocation of staff for the Authority; 19.Notes with concern that an uneven gender balance is reported for 2018 with regard to the senior managers (5 men and 1 woman) and that there is no female member of the management board (5 men).
  • Procurement 20.Notes that the Authority has participated in several inter-institutional procurement procedures with Commission DGs and with other agencies; 21.Welcomes that, according to the Courts report, the Authority made significant efforts in the preparation of tender documents and in tender evaluation methodology; notes, however, that there is still scope to apply more meaningful award criteria and that for the procurement procedure for the Authoritys future premises, tenderers received extra evaluation points if they declared that they could also offer space sufficient to host ESMA in the same building and that the winning tenderer had received those points, but finally did not take part in the procurement procedure for ESMAs premises; Prevention and management of conflicts of interests and transparency 22.Acknowledges the measures the Authority already has in place and its ongoing efforts to secure transparency, to prevent and manage conflicts of interests, and to protect whistleblowers; notes that further steps are needed in order to prevent and manage conflicts of interest, and to enhance the transparency of the Authoritys activities by reporting on the meetings that the Authoritys staff have with external stakeholders and making such reports available on the Authoritys website; 23.Recalls that in its Resolution of 16 January 2020, on Institutions and bodies in the Economic and Monetary Union: Preventing post-public employment conflicts of interest, Parliament noted its concern about the conflict of interest that has arisen as a consequence of the appointment of the Authoritys executive director as chief executive of the Association for Financial Markets in Europe (AFME) from 1 February 2020, which was insufficiently addressed by the restrictions imposed by the Board of Supervisors; expresses its concern that the Authoritys Board of Supervisors have also nominated a candidate for the position of executive director who was formerly employed as managing director for advocacy at the AFME; underlines that post-public employment and revolving door conflict-of-interest situations are a problem common to many bodies and agencies across the Union which affect their reputations; encourages the Authority to enhance its policy regarding conflict of interest; 24.Notes that following the development of the Authoritys anti-fraud strategy for the period 20152017, the anti-fraud team has continued to coordinate and implement that strategy; Internal controls 25.Notes that, according to the Courts report, one of the main obligations resulting from Directive 2008/104/EC of the European Parliament and of the Council[21] and UK labour law is that interim workers work under the same working conditions as workers employed directly by the user undertaking; notes, however, that the contracts did not require the temporary work agencies to explicitly respect those conditions and that there is no evidence that the Authority itself carried out any comparison between the working conditions of its own staff and of interim staff, which caused litigation and reputational risks; calls on the Authority to analyse the working conditions of its interim workers and to ensure they are in line with Union and national labour law; 26.Notes that, following the Commissions Internal Audit Service audit report in 2018 on The Single Rulebook - Questions & Answers in the European Banking Authority, the Authority prepared an action plan to address some potential areas for improvement; calls on the Authority to report to the discharge authority on the developments in that regard; Other Comments 27.Notes that due to the United Kingdom`s decision to withdraw from the Union, the seat of the Authority has gradually been moved to Paris, France as of March 2019; notes that the Authoritys accounts include provisions for related costs amounting to EUR 4,7 million and disclose that EUR 10,4 million remains in future contractual payments for the offices in London; 28.Underlines the responsibility of the financial system to meet sustainability challenges and ensure that the Union meets the obligations undertaken in the framework ofthe Paris Agreement under the United Nations Framework Convention on Climate Change; highlights the crucial role of the Authority in integrating environmental, social and governance related factors into the regulatory and supervisory framework and in mobilising and guiding private capital flows towards sustainable investments; therefore stresses the need for sufficient resources to monitor the implementation of that framework by financial institutions and national competent authorities; 29.Is of the opinion that the Court should carry out an audit on the efficiency and cost-effectiveness of the Authority's relocation once all the costs of the move are clear, in order to identify best practices and address areas for improvement; 30.Calls upon the Authority tofocus on disseminating the results of its research to the public, and to reach out to thepublic via social media and other media outlets; o o o
  • for the Committee on Budgetary Control on discharge in respect of the implementation of the budget of the European Banking Authority for the financial year 2018 Rapporteur for opinion: Derk Jan Eppink SUGGESTIONS The Committee on Economic and Monetary Affairs calls on the Committee on Budgetary Control, as the committee responsible, to incorporate the following suggestions into its motion for a resolution: 1.Underlines that, in the opinion of the Court of Auditors (the Court), the transactions of the European Banking Authority (the Authority) underlying the annual accounts for the year 2018 are legal and regular in all material aspects; 2.Emphasises that the Authoritys role in promoting a common supervisory regime across the European financial system is essential in order to ensure financial stability, a better integrated, more efficient and safer financial market, as well as a high degree of consumer protection in the Union by promoting fairness and transparency on the product and financial services market; 3.Recalls the importance of supervising the financial sector, which is a necessary and truly effective instrument in combating tax fraud and money laundering; 4.Underlines the responsibility of the financial system in meeting sustainability challenges and ensuring that the Union meets its obligations undertaken in the framework of the Paris Agreement under the United Nations Framework Convention on Climate Change; highlights the crucial role of the Authority in integrating environmental, social and governance related factors into the regulatory and supervisory framework and in mobilising and guiding private capital flows towards sustainable investments; therefore stresses the need for sufficient resources to monitor the implementation of that framework by financial institutions and national competent authorities; 5.Notes that the Authority will see its role, powers and resources in the field of anti-money laundering and combating the financing ofterrorism(AML/CFT) reinforced in the context of the new legislative proposals on which political agreement was reached in March 2019[23]; stresses that the Authority should take a leading role in the prevention of money laundering, taking advantage of the new competences and the creation of a new internal AML/CFT committee, and should therefore be provided with increased capacity in human and material resources to contribute effectively to the consistent and efficient prevention of the use of the financial system for the purposes of money laundering and the financing of terrorism; 6.Underlines that the Authority, when carrying out its activities, needs to pay particular attention to ensuring compatibility with Union law, to respecting the principle of proportionality and to complying with the fundamental principles of the internal market; 7.Urges the Authority to deliver its proposals for reducing the supervisory reporting burden for small and non-complex institutions within the timeframe set by the European Parliament and the Council in order to achieve more proportionality[24]; asks the Authority to ensure the consistent use of definitions in all regulatory and non-regulatory documents[25]; 8.Underlines the importance of an open, efficient and independent administration for all Union agencies and the Union as a whole; recalls the problem of conflict of interest arising from revolving door situations and stresses the need for a unified legal framework to address such issues; 9.Notes that the Authoritys workload is constantly evolving and includes both regulatory tasks and the enforcement and application of Union law; notes thatin order to facilitate that evolution, budgetary and personnel resources have been reallocated internally; stresses that the Authority must never attempt to go beyond its mandate; points out that focussing on the mandate assigned by the European Parliament and the Council will lead to a more effective and efficient use of resources; 10.Notes that, according to the Courts annual report on EU agencies for the financial year 2018[26], interim workers should work under the same working conditions as workers employed directly by the user undertaking; notes, however, that it seems likely that the Authority did not carry out any comparison between the working conditions of its own staff and those of interim workers; therefore calls on the Authority to analyse the working conditions of its interim workers and ensure that they are in line withUnion and national labour law; 11.Questions whether using temporary workers and external consultancies rather than increasing the number of its own staff constitutes the best use of resources in the long-term, particularly in strategic sectors such as IT, as stated by the Court; 12.Recalls that the Authority has to date not opened an inquiry into dividend arbitrage trading schemes such as cum-ex or cum-cum as called for by the European Parliament[27]; 13.Requests that the Authorityconduct an inquiry into dividend arbitrage trading schemes such as cum-ex in order to assess potential threats to the integrity of financial markets and to national budgets,to establish the nature and magnitude of actors insuch schemes, to assess whether there were breaches of either national or Union law, to assess the actions taken by financial supervisors in Member States, and to make appropriate recommendations for reform and for action to the competent authorities concerned; 14.Regrets that opportunities for economies of scale and efficiency gains were not realised due to the decision not to have joint procurement procedures between the Authority and the European Securities and Markets Authority (ESMA) when the Authority moved its seat from London to Paris; calls on the Authority to strengthen cooperation with ESMA concerning administrative support services and facility management services, which are not related to its core activities, where feasible; 15.Notes that as a result of the completed move of its seat to Paris in 2019, the Authoritys accounts include provisions for related costs amounting to EUR 4,7 million and provisions for remaining future contractual payments for its offices in London amounting to EUR 10,4 million; suggests that an audit beconductedonce all the costs and consequences of the move are clear in orderto identify best practices and areasfor improvement; 16.Recalls the Authoritys new role, tasks and resources in the fight against money laundering and terrorist financing; holds that the effective performance of this role and tasks depends on the support of the Board of Supervisors; 17.Regrets in this context the rejection of a proposal to investigate the Danske Bank money laundering case.
  • INFORMATION ON ADOPTION IN COMMITTEE ASKED FOR OPINION

Fanhua Announces Quarterly Cash Dividend of US$0.30 per ADS for the Fourth Quarter of 2019

Retrieved on: 
Wednesday, March 18, 2020
Economy, Financial regulation, Short, Dividend, Forward-looking statement, Finance, Financial economics

The dividend is payable on or around April 16, 2020 to shareholders of record on April 2, 2020.

Key Points: 
  • The dividend is payable on or around April 16, 2020 to shareholders of record on April 2, 2020.
  • Fanhua Inc. is a leading independent financial services provider.
  • As of December 31, 2019, our distribution and service network is consisted of 758 sales outlets covering 22 provinces and 159 service outlets covering 31 provinces.
  • You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements.

Enforcement Notice Hearing - IIROC to Hold Settlement Hearing for Winnipeg Investment Advisor Thomas William Dunn

Retrieved on: 
Tuesday, March 17, 2020
Financial regulation, Investment Industry Regulatory Organization of Canada, Canada, Economy, Government

WINNIPEG, March 17, 2020 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) will consider whether to accept a Settlement Agreement entered into between IIROC staff and Thomas William Dunn.

Key Points: 
  • WINNIPEG, March 17, 2020 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) will consider whether to accept a Settlement Agreement entered into between IIROC staff and Thomas William Dunn.
  • That matter was previously scheduled as a Disciplinary Hearing, to be heard on March 17 and 18, 2020.
  • The Notice of Motion announcing the settlement hearing is available at: http://www.iiroc.ca/documents/2020/71076fd2-5ce2-42ce-98d3-462260d6fd2b_...
    Documents related to ongoing IIROC enforcement proceedings including Reasons and Decisions of Hearing Panels are posted on the IIROC website as they become available.
  • Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.

Enforcement Notice - Decision - IIROC Fines and Suspends Vancouver Investment Advisor Zubin Justin Driver

Retrieved on: 
Tuesday, March 17, 2020
Financial regulation, Investment Industry Regulatory Organization of Canada, Canada, Economy, Government

VANCOUVER, March 17, 2020 /CNW/ - On February 25, 2020, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC Staff and Zubin Justin Driver.

Key Points: 
  • VANCOUVER, March 17, 2020 /CNW/ - On February 25, 2020, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC Staff and Zubin Justin Driver.
  • Documents related to ongoing IIROC enforcement proceedings including Reasons and Decisions of Hearing Panels are posted on the IIROC website as they become available.
  • IIROC is the national self-regulatory organization that oversees all investment dealers and their trading activity in Canada's debt and equity markets.
  • Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.